Policy Paralysis Hit Indian Real Estate in Big Way : CREDAI National President Lalit Kumar Jain

Indian realtor's body CREDAI  recently said the central and state government's policy paralysis has severely impacted the real estate sector which is facing stagnation in growth.

CREDAI National President Mr. Lalit Kumar Jain said, "The economy is in a bad shape & there is an all round despair. We have been witnessing a widespread criticism - in India & abroad - and policy paralysis has impacted the real estate industry in a big way" 

CREDAI National President Mr. Lalit Kumar Jain

Mr. Jain said, ''The government needs to appreciate the fact that real estate sector supports over 250 other industries, contributes 11% to GDP (Gross Domestic Production) and is the largest employment generator after agriculture".

CREDAI, the apex body of real estate developers from pan India, has convened its governing council meeting in Delhi Today (July 19-07-201) to take stock of the housing scenario in the country, the statement said.

The meeting assumes significance in view of the fact that real estate has been experiencing stagnation in its growth despite the housing shortage touching 2.6 crore, it added.

Mr. Jain said the CREDAI's governing council would chalk out a plan and then announce it.

Real estate sector is witnessing slowdown in demand due to high interest rates on housing loans since past couple of years and economic slowdown in global as well as domestic market.  Almost all the developers have reported decline in net profit from past many quarters.

CREDAI 

National Secretariat
703, Ansal Bhawan,
16, Kasturba Gandhi Marg,
New Delhi-110 001.
Tel: (011) 43126262/ 43126200
Fax: +91 11 43126211
Email: info@credai.org

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